The Securities and Exchange Commission (SEC) has levied financial penalties and trading restrictions on 14 individuals for manipulating the share prices of The Steel Public Company Limited (THE). These individuals coordinated in three separate incidents, leading to inflated trading volumes and manipulated closing prices of shares.
Following referrals from the Stock Exchange of Thailand (SET) and subsequent investigation, it was discovered that the 14 individuals had conducted trading activities related to THE shares in a manner consistent with price manipulation. The offenders, listed as Mr. Boonchai Jirapongtrakul, Mr. Boonchoke Thiratarakorn, Mr. Booncherd Santudpanich, Mr. Suwit Jjraphongtrakul, Mrs. Wanna Sittisirinukul, Mr. Theerawat Saekuai, Mr. Preyatada Buranaworakhun, Mr. Surachaste Boonyasatian, Mr. Karoon Thiravorachai, Mr. Sirichai Chaisuthamporn, Miss Ratana Jirapongtrakul, Mr. Chatri Anunrojwong, Miss Kittika Wisarootanart, and Mr. Thana Seentanaphatr, were found to have either business connections or personal relationships, directly or indirectly.
During the first incident, which occurred between June 23 and December 15, 2015, 11 offenders colluded to manipulate THE shares, resulting in a significant increase in trading volume and closing prices. The second incident, spanning from January 4, 2017, to December 21, 2018, involved 12 offenders manipulating prices and trading volumes, leading to notable fluctuations in both metrics. The third incident, from February 13, 2019, to February 25, 2020, involved nine offenders engaging in similar manipulative activities.
These actions potentially constitute offenses under relevant sections of the Securities and Exchange Act B.E. 2535 (1992) and the Criminal Code, subject to corresponding penalties.
The SEC has imposed civil sanctions on these individuals, including monetary penalties totaling 275,874,196.83 baht, and trading and directorship prohibitions for specified durations.